Bermuda’s gross domestic product increased 2.4 per cent in the fourth quarter of 2022, according to Jason Hayward, the Minister of Economy and Labour.

Newly released figures from the ministry included an explanation from the minister that statistics for the last three quarters have been subject to further revision.

Mr Hayward said: “Real GDP for the first three quarters of 2022 has been revised as follows: the first quarter from a 5.2 per cent increase to a 5.7 per cent increase, second-quarter GDP from a reported 3.9 per cent increase to a 6.8 per cent increase and the 5.0 per cent contraction in the third quarter has been revised to a 2.9 per cent contraction.”

The statement said that household final consumption increased 4.5 per cent year-over-year to $795.2 million. Consumption of services, which accounted for 74.2 per cent of total consumption, increased by 6.1 per cent year-over-year. This growth was reflected in higher expenditure for catering, accommodation and air transport services.

For non-durable and semi-durable goods, spending fell 1 per cent, influenced primarily by reduced spending on food, household supplies and electricity. Spending on durable goods rose by 4.8 per cent, primarily owing to increased expenditure on furniture and furnishings, information processing equipment and motorcycles.

For government final consumption, a year-over-year decline of 2.6 per cent to $197.4 million was mainly because of lower expenditure on equipment, rentals and salaries. In contrast, spending related to training and materials and supplies increased.

Gross capital formation (such as investment in fixed assets) shrank 3.5 per cent year-over-year to $208.9 million. Gross capital formation related to construction fell 1.4 per cent. Investment in machinery and equipment also decreased 5.5 per cent owing to lower imports of agricultural machinery, office furniture and equipment and industrial machine parts.

The external balance of goods and services rose 5.1 per cent year-over-year to $277.3 million as the growth in receipts for the export of goods and services exceeded the rise in payments from the imports of goods and services. Exports of goods and services increased 4.9 per cent owing to increased fuel exports to visiting airlines and higher receipts related to travel services.

Imports of goods and services increased 4.8 per cent as payments rose for higher imports of machinery, miscellaneous goods and basic and semi-manufactured goods. Prices for air passenger and freight transport and travel services continued to grow year-over-year.

The Quarter 4, 2022 Quarterly GDP by Expenditure publication is available online on the government portal.

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Quarterly Gross Domestic Product Q4 - 2022.pdf